{"id":15047,"date":"2022-12-14T00:00:00","date_gmt":"2022-12-14T00:00:00","guid":{"rendered":"https:\/\/members.dataiq.global\/articles\/data-literacy-not-adding-up-for-finance\/"},"modified":"2022-12-14T00:00:00","modified_gmt":"2022-12-14T00:00:00","slug":"data-literacy-not-adding-up-for-finance","status":"publish","type":"article","link":"https:\/\/www.dataiq.global\/devstage\/articles\/data-literacy-not-adding-up-for-finance\/","title":{"rendered":"Data literacy \u2013 Not adding up for finance"},"content":{"rendered":"<p><strong>Left behind<\/strong>\u00a0<\/p>\n<p>It was revealed that only 14% of those employed in the financial sector have confidence in their ability to read, analyse, work and communicate with data. This <a href=\"\/articles\/businesses-want-to-improve-data-capabilities-but-data-strategy-confidence-is-declining\">lack of confidence<\/a> is instrumental in the stagnation of data skills that are being seen across financial industries which has led to 85%\u00a0of C-level executives surveyed believing that those lacking data literacy skills risk being left behind.\u00a0<\/p>\n<p>The fact an entire industry may be left behind is a concern as those who did feel confident in their levels of data literacy revealed:\u00a0<\/p>\n<ul>\n<li>They feel more confident making decisions when armed with relevant data (71%).\u00a0<\/li>\n<li>Increased confidence presenting to their manager and\/or more senior team members when they have relevant data\u00a0(71%).\u00a0<\/li>\n<li>Proving that they can work with data will help career progression (68%). \u00a0<\/li>\n<\/ul>\n<p>Data literacy expectations have grown in recent years, even in financial sectors that are not keeping up with wider data trends. Eighty-six percent of C-suite finance executives expect employees to be able to <a href=\"\/articles\/cdo-challenges--translating-data-for-non-speakers\">explain how data has impacted their decision making<\/a>, but less than 2 in 10 employees have the confidence to do this.\u00a0<\/p>\n<p>To rectify the problem, financial sectors need to be involved with the wider data community and conversations as well as investing the time and resources into providing <a href=\"\/workshops\">suitable training and tools<\/a>. There needs to be a shift in culture to centralise data as a theme and core skill, as well as improving the support network staff have available to ensure they can develop data confidence.\u00a0<\/p>\n<p>The study was based on a broader global study of over 1,200 C-suite leaders and 6,000 employees in the US, UK, Germany, France, Japan, Australia and New Zealand. The study included responses from more than 160 C-suite executives and over 900 employees working in financial services and banking.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New findings show that data literacy, a cornerstone of the DataIQ Way, will be the most sought-after skill for financial services by 2030 as confidence levels among staff slip.<\/p>\n","protected":false},"author":19,"featured_media":15048,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_searchwp_excluded":"","footnotes":""},"categories":[129,398],"tags":[169,237,119,175,238,226,306,352],"pillar":[],"class_list":["post-15047","article","type-article","status-publish","format-standard","has-post-thumbnail","hentry","category-editorial","category-public","tag-analytics-and-insight","tag-data-leaders","tag-data-literacy","tag-data-science","tag-data-skills","tag-education","tag-talent","tag-talent-pipeline"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-05-21 07:00:50","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/article\/15047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/types\/article"}],"author":[{"embeddable":true,"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/comments?post=15047"}],"version-history":[{"count":0,"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/article\/15047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/media\/15048"}],"wp:attachment":[{"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/media?parent=15047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/categories?post=15047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/tags?post=15047"},{"taxonomy":"pillar","embeddable":true,"href":"https:\/\/www.dataiq.global\/devstage\/wp-json\/wp\/v2\/pillar?post=15047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}